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Mthuli Ncube’s 2021 National Budget gets presidential nod

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Mthuli-Ncube National budget

Mthuli Ncube’s 2021 National Budget gets the presidential nod. Parliament passed the Budget in December last year. The Appropriation Act, which sets out the budget allocations for ministries and Government departments and the Finance Act, which provides for changes in taxes, duties and exemptions were published in a Government Gazette yesterday.

Government departments can now start drawing money from the Fiscus after President Mnangagwa assented to the $368,5 billion, 2021 National Budget.

The 2021 National Budget is the first to be passed in line with targets set out in the National Development Strategy 1 (NDS1) launched last year and is expected to run until 2025.

According to the Appropriation Act, the Consolidated Revenue Fund is charged with $368 514 300 000 while $8 009 100 000 is unallocated reserve.

According to the Appropriation Act, the Ministry of Primary and Secondary Education got the highest budget allocation with $55, 221 billion followed by that of Health and Child Care with $54,705 billion.

The Ministry of Finance and Economic Development got $28,956 billion, Defence and War Veterans Affairs $23,754 billion while Parliament was allocated $7,306 billion.

The Ministry of Lands, Agriculture, Water and Rural Resettlement got $46,259 billion, the Office of the President and Cabinet $7,306 billion while the Ministry of Higher and Tertiary Education, Innovation, Science and Technology Development was allocated $14,368 billion.

The Finance Act also put into effect, changes to the tax bands that were announced by Finance and Economic Development Minister Professor Mthuli Ncube setting non-taxable income at $10 000 and below.

The Act also provides for presumptive taxes for previously non-taxed groups that include vendors, commuter omnibus and taxi operators, small scale miners and driving school operators among others.

The Act also empowers the Zimbabwe Revenue Authority to carry out and collect revenue on behalf of the Central Vehicle Registry at all ports of entry.

Source – The Herald

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